Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following represents the common stock equivalents that were excluded from the computation of diluted shares outstanding because their effect would have been anti-dilutive for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2016	2015	2016	2015
Stock options and restricted stock	6,677,895	7,948,021	6,677,895	7,948,021
Series A redeemable convertible preferred stock	8,781,516	8,781,516	8,781,516	8,781,516
Total anti-dilutive common stock equivalents	15,459,411	16,729,537	15,459,411	16,729,537

Computation of Earnings Per Share

The following represents a reconciliation of the numerators and denominators of the basic and diluted EPS computation:  

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Numerator
Net (loss) income	$	(1,976,173	)	$	(2,581,939	)	$	(9,807,667	)	$	12,256
Effects of Series A redeemable convertible preferred stock:
Less: Series A redeemable convertible preferred stock dividends	194,012			190,786			581,986			568,476
Less: Accretion to redemption value of Series A redeemable convertible preferred stock	178,619			149,969			513,269			430,943
Net loss attributable to common stockholders	$	(2,348,804	)	$	(2,922,694	)	$	(10,902,922	)	$	(987,163	)
Denominator
Weighted average basic shares outstanding	43,488,448			41,113,431			42,847,038			41,004,976
Effect of dilutive securities:
Stock options and restricted stock	—			—			—			—
Series A redeemable convertible preferred stock	—			—			—			—
Weighted average diluted shares outstanding	43,488,448			41,113,431			42,847,038			41,004,976
EPS
Basic net loss per share attributable to common stockholders	$	(0.05	)	$	(0.07	)	$	(0.25	)	$	(0.02	)
Diluted net loss per share attributable to common stockholders	$	(0.05	)	$	(0.07	)	$	(0.25	)	$	(0.02	)